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Friday 03rd March 2023: Technical Outlook and Review

DXY:

Price is in an ascending channel along and at the same time, there is an Ichimoku cloud support that is pushing it up. Our 1st resistance is at 105.35 area which is a swing high resistance. 

Our 1st support is at 104.59 which is an overlap support and if price breaks this level, along with the Channel and Ichimoku cloud, we could see prices drop all the way down to 2nd support at 103.74 which is an overlap support and a 38.2% Fibonacci retracement.

EUR/USD:

Price has reacted from our 1st resistance at 1.06659 which lines up with the 23.6% Fibonacci retracement – causing it to drop.There is strong bearish momentum because current price is below the Ichimoku cloud.

If prices were to break the intermediate support at 1.0534, it could potentially come further to our 1st support at 1.04789 where the overlap support is. 

GBP/USD:

Price has reversed from our 1st resistance at 1.21390 and has came down to test our 1st support at 1.1930. Our 1st support is a very strong overlap support because price had reacted and bounced off it multiple times in the past, If prices were to break this 1st support, the next key support to watch out for is the recent swing low at 1.1840.

In terms of resistance, our intermediate resistance is at 1.2139 which is a double swing high resistance. Breaking this, along with the descending resistance trend line, could trigger a move up to 1.2256 which is our 1st resistance.

USD/CHF:

Price is seeing an ascending support line continue to push it up against our 1st resistance area between 0.9430 – 0.9404. If price were to break this level, we could see a further push up  to our 2nd resistance 0.9475

However, if prices fail to break the 1st resistance and instead reverse, we could see it drop to the 1st support at 0.9331 which is a strong overlap support. It is worth noting that we are seeing a bearish divergence vs the Stochastic too. Price has also historically reacted off the 95% level on Stochastic.

USD/JPY:

We’re seeing price rise nicely with our ascending trend line. Price could potentially reach our 1st resistance at 137.933 which is a strong overlap resistance.

In terms of support, we can see an overlap support at 134.55 which is our 1st support. Breaking that could trigger a drop to 2nd support at 132.81. We can also see that there is a bearish divergence vs Stochastic which seems to historically react off the 96% level.

AUD/USD:

Price is respecting a descending resistance line pushing prices down towards our 1st support at 0.66402 which is a multiple swing low support + 50% Fibonacci retracement. It’s worth noting that price has also reacted off the intermediate resistance at 0.67739 which is an overlap resistance along with a 23.6% Fibonacci retracement.

If prices were to break the 1st support, we could see a bigger drop to 0.65493 which is a pullback support that lines up with the 61.8% Fibonacci retracement.

NZD/USD:

Price reached our 1st resistance at 0.62666 and came down to our 1st support at 0.62054 which is strong overlap support. If prices were to rise from here, it has to break our 1st resistance and price could potentially go up to our 2nd resistance at 0.63880 which is a 61.8% Fibonacci retracement and an overlap resistance.

If price were to reverse and break our 1st support instead, then we could see a drop towards 0.6133 which is our most recent swing low support. It’s worth noting that price is in the middle of a strong bearish Ichimoku cloud which might provide the momentum for it to drop further from here.

USD/CAD:

We’re seeing prices hover between two major levels. The 1st resistance of 1.3706 which is a multiple swing high resistance level and the 1st support of 1.3515 that is a strong overlap support level. Breaking either of these levels could trigger moves up to the 2nd resistance at 1.3809 or the 2nd support at 1.3452 which is another overlap support.

DJ30:

Price is testing our 1st support at 32629 that happens to be an overlap support and a major 38.2% Fibonacci retracement. Also, the price has broken from the descending channel triggering a bullish exit. If price were to bounce from here, it can make a further push up to 1st resistance at 33463 which is an overlap resistance.

Were prices to break the 1st support, the next key level to watch out for is the 2nd support at 31754 which is a smaller swing low support that lines up with the 50% Fibonacci retracement.

GER30:

Price has respected our support trendline and price bounce up from our 1st support at 15241 where there is overlap support. However, if prices were to break the descending resistance price could rally up to our 1st resistance at 15673. However if price were to break ascending line, we could see price drop to our 2nd support at 14960

BTC/USD:

Price is seeing an ascending support line squeeze prices against the 1st resistance at 23813 which is an overlap resistance. If prices were to break past the 1st resistance, we could see a rally up to recent swing high resistance at 25185.

However, if prices were to break the ascending support line, we could see a drop to 1st support at 22715 which is a long-term overlap support.

US500

We are seeing price test our 1st support at 3939 and this could see a bounce that pushes it up to our 1st resistant at 4031 which is a pullback resistance along with a 50% Fibonacci Retacement. If price were to break this level, we could potentially see price push up to our 2nd resistance at 4097 which is an overlap resistance.

However, if price could not break through our 1st resistance, we could potentially see price drop to our 1st support at 2883

ETH/USD:

Price is testing our 1st resistance at 1668 where the overlap resistance is. At the same time, it is being pushed up by our ascending support trend line. If prices were to break our 1st resistance, we could see a bigger push up to 2nd resistance at 1717 which is a major swing high resistance.

However, if prices were to break the ascending support line, we could see a drop to 1561 which is our 1st support that coincides with the swing low support.

BCO/USD:

We’re seeing a long term ascending support line and a descending resistance line squeeze prices together. There is an intermediate support at 83.97 which is pushing prices up against the descending resistance line. If prices were to break that descending resistance line, we could see a bigger push up to 86.91 which is our 1st swing high resistance. Breaking that level, a bigger push up to 89.16 is possible which is a big overlap resistance.

However, if prices were to react off the descending resistance and make a push down, the 1st support is at 79.60 which is a recent swing low support.

XAU/USD (GOLD):

Price has broken out of a recent bearish channel suggesting a bullish move might be on the cards. We’re seeing the 1st resistance at 1864 which is an overlap resistance that lines up with the 38.2% Fibonacci retracement. If prices were to break that level, the next key resistance is at 1896 which is a pullback resistance lining up with the 61.8% Fibonacci retracement.

In terms of support, we have an overlap support at 1809 and a further 2nd support at 1786 which lines up nicely with our 50% Fibonacci retracement.

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